international m&a review - experian · 25/04/2017 12,100 acquisition christian dior se, france...

International M&A ReviewExperian Business Research: 2017

MarketIQ

NORTH AMERICA

10-17

EUROPE

02-09

ASIA PACIFIC

18-25

International M&A Review 2017

MarketIQ International M&A Review | Page 1

Contents

International M&A Review 2017

Europe – M&A analysis 02

North America – M&A analysis 10

Asia Pacific – M&A analysis 18

United Kingdom 26

Republic of Ireland 28

Benelux 30

Germany 32

Switzerland 34

France 36

Italy 38

Iberia 40

Eastern Europe 42

Central Europe 44

South Eastern Europe 46

Nordic 48

Appendix 50

Deal Proforma 52

About Experian MarketIQ 53

| MarketIQ International M&A Review

European M&A was always likely to recede slightly after a record breaking 2016, but deal volumes on the Continent remained consistently high throughout 2017, according to new research from Experian MarketIQ, derived from the Corpfin global deals database. Although the total number of transactions involving a European company was down by just under 10% year on year, 2017’s return of 13,814 deals represents a robust set of results in the context of historic activity, with an increasingly positive economic outlook in Europe proving a boost to deal making confidence in the region, particularly at the top end of the market.

The total value of European deals reached €961bn in 2017 – a small decline from the previous year, when deals topped the €1tn mark, but remaining significantly ahead of the average annual total over our ten-year review period. Figures were boosted by a significant upturn in the number of big-ticket transactions; there were 164 deals with a consideration greater than €1bn in 2017, representing an increase of 26% on the 130 deals recorded during 2016 and one of the busiest years in terms of high-value M&A on Experian records. Elsewhere, activity in the large and mid-market value categories fell year on year (by 17% and 10%, respectively), while the number of smaller, sub €10m transactions remained relatively stable. The United Kingdom was again Europe’s most valuable market for M&A, with an involvement in deals worth upwards of €300bn in 2017, followed by France (€199bn), the Benelux (€169bn) and Germany (€160bn). France saw the total recorded value of deals up by some 64% from 2016, and there was also strong value growth in Italy (85%), Iberia (67%) and South East Europe (62%), despite fewer deals being carried out overall.

French deal values were boosted by the largest deal of the year, in which French lens manufacturer Essilor agreed the €25.5bn purchase of a 62% stake in Luxottica Group, an Italian eyewear manufacturer behind the Ray-Ban and Oakley brands and the Sunglass Hut chain of retail outlets. Should the deal complete following a lengthy antitrust assessment, it will create a combined firm valued at over €50bn. Elsewhere, Bernard Arnault, the chairman and chief executive of LVMH, launched a €13bn offer to take full control of iconic luxury goods firm Christian Dior, while in December, Parisian real estate group Unibail-Rodamco entered into a recommended agreement to acquire Australian shopping centre group Westfield Corp for over €21bn - ending the year on a high.

The Unibail-Rodamco tie-up was just one of a flurry of high-value real estate deals in 2017, with deal values in the sector up by 26% year on year to €136bn. In one of the year’s other notable transactions, China’s sovereign wealth fund China Investment Corp agreed to acquire London-based logistics specialist Logicor from private equity house Blackstone for around €12bn. This constitutes one of the largest acquisitions a Chinese company has ever made in Europe, despite regulatory issues dampening the flow of Chinese outward M&A in comparison with previous years. Other growth sectors included construction, which saw transaction value jump by 69%, resources (a 37% uplift in value) and financial services (a 31% uplift, largely fuelled by deals in the flourishing online payments space). Meanwhile the manufacturing and infocomms sectors remain Europe’s busiest sectors for deal activity overall, but both saw the volume and value of transactions decline in 2017.

As ever, it was another busy year for European advisors. London law firm CMS was Europe’s leading legal adviser by deal volume, bagging a role on some 321 deals in 2017, including working on the buy-side of Essilor’s aforementioned takeover of Luxottica. DLA Piper took second place with 265 deals in a repeat of 2016’s top two, while Sullivan & Cromwell advised on deals worth €131bn to head the value rankings ahead of Clifford Chance (€109bn worth of deals) and Skadden Arps Meahger & Flom (€104bn). BDO worked on 354 deals involving a European firm to lead our financial adviser rankings by deal volume, while Morgan Stanley advised on deals with a total value of €210bn to lead the value table, ahead of Citigroup (€144bn) and Goldman Sachs (€137bn).

Europe – M&A analysis

European deals2008 - 2017

Number of Deals Value (€M)

2008 2009 2010 2011 2012 2013 2014 2015 2016 20170

2000

4000

6000

8000

10000

12000

14000

16000

18000

0

200000

400000

600000

800000

1000000

1200000


Europe

Date Consideration (€m)

Deal type Target Bidder

16/01/2017 25,500 Acquisition Luxottica Group SpA, Italy Essilor International SA, France

12/12/2017 21,115 Acquisition Westfield Corporation Ltd, Australia

Unibail-Rodamco SE

18/10/2017 18,600 Acquisition Abertis Infraestructuras SA, Spain

Hochtief, Germany

15/04/2017 16,340 Acquisition Abertis Infraestructuras SA, Spain

Atlantia SpA, Italy

02/02/2017 16,300 Acquisition Mead Johnson Nutrition Co, USA

Reckitt Benckiser Group Plc, UK

01/02/2017 13,000 Rights Issue Unicredit SpA, Italy

04/06/2017 12,200 IBO Logicor Europe Ltd, UK China Investment Corporation

25/04/2017 12,100 Acquisition Christian Dior SE, France Semyrhamis SA, France

22/11/2017 10,106 Divestment Rosneft Oil Company, Russia

05/07/2017 8,800 Acquisition WorldPay Group Plc Vantiv Inc

Top ten European deals2017

l United Kingdom

l Benelux

l Central Europe

l Eastern Europe

l France

l Germany

l Iberia

l Italy

l Nordics

l Republic of Ireland

l South East Europe

l Switzerland

579

367 513

400 7,076

1,324

537276

1,245

1,564

1,937

454

European transaction volume by country2017

European deal volume by value segment2008 - 2017

Small — Mid-market — Large — Mega

0

500

1000

1500

2000

2500

3000

3500

4000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


Europe

European M&A by country2017

Volume Value (€m) % change from 2016

Country 2017 2016 2017 2016 Volume Value

UK 7,076 7,489 308,086 330,059 -5.51% -6.66%

Benelux 1,324 1,385 159,888 169,260 -4.40% -5.54%

Central Europe 537 798 29,190 40,957 -32.71% -28.73%

Eastern Europe 276 377 30,343 28,417 -26.79% 6.78%

France 1,245 1,286 199,593 121,629 -3.19% 64.10%

Germany 1,564 1,921 143,142 159,633 -18.58% -10.33%

Iberia 579 740 92,304 55,136 -21.76% 67.41%

Italy 400 467 80,680 43,655 -14.35% 84.81%

Nordic 1,937 2,445 101,231 98,323 -20.78% 2.96%

ROI 454 440 28,122 53,629 3.18% -47.56%

South East Europe 367 444 23,623 14,538 -17.34% 62.49%

Switzerland 513 530 44,796 117,687 -3.21% -61.94%

European deals by industry2017

Volume Value (€m) % change from 2016

Industry 2017 2016 2017 2016 Volume Value

Manufacturing 4126 4981 401,043 556,660 -17.17% -27.96%

Infocomms 3515 3719 153,637 209,535 -5.49% -26.68%

Financial services 3336 3487 348,189 265,004 -4.33% 31.39%

Wholesale and retail 2554 3000 279,406 359,429 -14.87% -22.26%

Professional services 2418 2686 142,548 214,403 -9.98% -33.51%

Support services 1254 1307 41,658 61,716 -4.06% -32.50%

Real estate 1137 1507 135,940 108,093 -24.55% 25.76%

Construction 1046 1263 137,813 81,738 -17.18% 68.60%

Transport 674 795 124,116 98,537 -15.22% 25.96%

Resources 564 614 103,603 75,389 -8.14% 37.42%


Europe

1 Where advisers are tied, total deal value is used to determine ranking.

Legal adviser rankings by volume

Current rank Previous rank Legal adviser Volume1

1 1 CMS 321

2 2 DLA PIPER 265

3 7 GATELEY 192

4 6 EVERSHEDS SUTHERLAND 190

5 5 SHOOSMITHS 175

6 11 SQUIRE PATTON BOGGS 148

7 4 JONES DAY 142

8 8 LATHAM & WATKINS 121

9 3 CLIFFORD CHANCE 119

10 21 ADDLESHAW GODDARD 106

11 18 OSBORNE CLARKE 106

12 17 ASHURST 103

13 13 PINSENT MASONS 100

14 19 A & L GOODBODY 99

15 20 DWF 99

16 16 HOGAN LOVELLS 97

17 12 IRWIN MITCHELL 97

18 9 DENTONS 92

19 14 MILLS & REEVE 86

20 15 ASHFORDS 85


Europe

Legal adviser rankings by value

Current rank Previous rank Legal adviser Value (€m)

1 3 SULLIVAN & CROMWELL 130,701

2 9 CLIFFORD CHANCE 109,168

3 1 SKADDEN ARPS SLATE MEAGHER & FLOM LLP 103,796

4 13 DAVIS POLK & WARDWELL 80,792

5 6 SHEARMAN & STERLING 68,997

6 7 JONES DAY 67,622

7 - CLEARY GOTTLIEB STEEN & HAMILTON 59,799

8 8 FRESHFIELDS BRUCKHAUS DERINGER 50,982

9 15 DLA PIPER 47,929

10 25 LATHAM & WATKINS 44,680

11 - CMS 44,431

12 2 SIMPSON THACHER & BARTLETT 43,838

13 4 ALLEN & OVERY 42,636

14 17 KIRKLAND & ELLIS 41,519

15 22 ASHURST 41,224

16 24 LINKLATERS 34,520

17 - CHIOMENTI STUDIO LEGALE 28,775

18 - ARTHUR COX 27,603

19 12 WEIL GOTSHAL & MANGES 27,203

20 - BLAKE CASSELS & GRAYDON 26,648


Europe

Financial adviser rankings by volume

Current rank Previous rank Financial adviser Volume1

1 2 BDO 354

2 1 EY 305

3 3 PWC 244

4 6 DELOITTE 149

5 10 GRANT THORNTON 178

6 4 ROTHSCHILD & CO 145

7 8 RSM 145

8 7 NUMIS SECURITIES 115

9 13 CENKOS SECURITIES 109

10 5 KPMG 108

11 11 MORGAN STANLEY 100

12 9 LAZARD 94

13 17 KBS CORPORATE 87

14 15 ALANTRA 85

15 25 HAZLEWOODS 85

16 34 PEEL HUNT 78

17 16 GOLDMAN SACHS 75

18 36 LIBERUM CAPITAL 74

19 23 MAZARS 69

20 24 FINNCAP 65



Europe

Financial adviser rankings by value

Current rank Previous rank Financial adviser Value (€m)

1 2 MORGAN STANLEY 209,822

2 15 CITIGROUP 144,217

3 1 GOLDMAN SACHS 136,774

4 5 ROTHSCHILD & CO 126,266

5 6 BANK OF AMERICA MERRILL LYNCH 101,362

6 3 CREDIT SUISSE 99,054

7 7 DEUTSCHE BANK 84,956

8 9 UBS 82,369

9 8 JP MORGAN CHASE & CO 75,228

10 22 BNP PARIBAS 70,035

11 11 HSBC 63,503

12 17 SOCIETE GENERALE 44,875

13 4 LAZARD 44,505

14 12 EY 37,088

15 14 BARCLAYS 33,990

16 26 RBC CAPITAL MARKETS 28,942

17 19 PWC 26,204

18 - JEFFERIES INTERNATIONAL 22,376

19 - MOELIS & CO 20,750

20 - JP MORGAN 17,841


Munich • Germany


North American M&A activity continued to rise over the course of 2017, with transaction volumes up by 9% to 12,337 – the highest level recorded in the last decade. Total deal values gradually increased from $1.54tn to $1.55tn, which was the third highest figure recorded for the last ten years. The increase in deal activity was largely driven by deals with a value under $10m - these had been falling since 2008, but recorded a sizeable year on year increase of 80% in 2017 (1,408 compared to 783 in 2016). Conversely, mega, large and mid-market transactions fell, by 7%, 1% and 3%, respectively.

Cross border deals were a feature of the North American deal landscape in 2017, with inward investment from a range of countries on the up. Companies based in the United Kingdom continued to be the most active purchasers, with an involvement in 258 transactions in total; this was over twice as many as the next most active country Japan (124) and signified a 26% increase on the 205 deals recorded for 2016. The Irish Republic also saw deal activity increase by 50%, although this was not reflected in total transaction values which fell by 53% (to $12.3bn). On the other hand, Chinese businesses were significantly less active in 2017, as the flow of high value outward M&A emanating from China - a prominent feature of the global deal landscape in 2016 – was reined in by regulators concerned at capital flight.

The $130bn offer by Singapore-based semiconductor manufacturing company Broadcom for US-based rival Qualcomm was the largest transaction recorded for 2017. However, there remains many questions and regulatory hurdles to be addressed before the offer can be approved or completed in 2018. The North America region also recorded the second and third largest transactions globally in December, ending the year on a high. First, retail pharmacy and healthcare company CVS Health agreed to acquire rival Aetna for an aggregate consideration of approximately $77bn in cash and stock, whilst Walt Disney made an all-share offer to acquire 21st Century Fox, in another all-American deal valued at just over $66bn.

A 16% upturn in the number of deals stemming from the increasingly fertile tech space meant that infocomms leapfrogged manufacturing for the first time as North America’s busiest sector for deal activity. There was also robust year on year growth in the volume of financial services (14%) and resources (5%) transactions, while financial services, manufacturing, real estate and health all saw the total value of M&A increase year on year.

Chicago law firm Kirkland & Ellis was the most active legal adviser in 2017, working on 373 deals, followed by Latham & Watkins (300), with Jones Day further back in third position on 252 transactions. In value terms, Skadden Arps Slate Meagher & Flom led the way, with credit on deals totalling $380bn; Simpson Thatcher & Bartlett was second (with $307bn worth of deals) and Sullivan & Cromwell in third ($295bn). The most active financial advisory firm was Morgan Stanley, which worked on 216 transactions, just ahead of JP Morgan on 214. Morgan Stanley also topped the value table with credit on deals totalling $450bn, again pushing JP Morgan into second position (with transactions valued at approximately $387bn). Goldman Sachs made up the top three with $360bn worth of deals.

North America – M&A analysis

North America deals2008 - 2017

Number of Deals Value (US$M)

0

2000

4000

6000

8000

10000

12000

14000

0

500000

1000000

1500000

2000000

2500000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


North America

Date Consideration (US$m)


06/11/2017 130,000 Acquisition Qualcomm Inc, San Diego Broadcom Ltd, Singapore

03/12/2017 77,000 Acquisition Aetna Inc, Hartford CVS Health Corp, Woonsocket

14/12/2017 66,100 Acquisition 21st Century Fox Inc, New York

Walt Disney Co, Burbank

04/09/2017 30,000 Acquisition Rockwell Collins Inc, Cedar Rapids

United Technologies Corp, Hartford

23/04/2017 24,000 Acquisition CR Bard Inc, Murray Hill Becton Dickinson & Co, Franklin Lakes

20/08/2017 18,800 Acquisition Energy Future Holdings Corp, Dallas

Sempra Energy, San Diego

02/02/2017 17,900 Acquisition Mead Johnson Nutrition Co, Glenview

Reckitt Benckiser Group Plc, United Kingdom

13/03/2017 15,300 Acquisition Mobileye NV, The Netherlands

Intel Corp, Santa Clara

13/11/2017 14,800 Acquisition GGP Inc, Chicago Brookfield Property Partners LP, Bermuda

31/07/2017 14,600 Acquisition Scripps Networks Interactive Inc, Cincinnati

Discovery Communications Inc, Silver Spring

Top ten North America deals2017

North America deal volume by value segment2008 - 2017


0

500

1000

1500

2000

2500

3000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


North America

Location of overseas bidders in North America2017

Volume Value (US$m) % change from 2016


United Kingdom 258 205 49,575 79,224 26% -37%

Japan 124 126 28,697 28,775 -2% 0%

Germany 107 103 11,681 80,893 4% -86%

France 105 101 15,367 25,836 4% -41%

Ireland 60 40 12,256 26,000 50% -53%

Australia 57 57 6,325 4,949 0% 28%

Switzerland 55 43 9,173 10,683 28% -14%

China 52 86 8,344 60,714 -40% -86%

Sweden 52 55 4,193 3,176 -5% 32%

Netherlands 46 35 14,790 8,048 31% 84%

North America deals by industry2017



Infocomms 3,744 3,235 416,975 829,084 15.7% -49.7%

Manufacturing 3,534 3,672 694,324 588,458 -3.8% 18.0%

Wholesale and retail 1,929 2,174 464,982 547,033 -11.3% -15.0%

Professional services 1,885 2,050 193,414 315,327 -8.0% -38.7%

Financial services 1,884 1,650 403,692 246,907 14.2% 63.5%

Support services 875 874 61,624 107,505 0.1% -42.7%

Resources 635 606 134,736 142,903 4.8% -5.7%

Real estate 618 738 151,706 141,923 -16.3% 6.9%

Construction 466 582 93,915 109,190 -19.9% -14.0%

Health 454 481 50,583 38,032 -5.6% 33.0%


North America



1 1 KIRKLAND & ELLIS 373


3 3 JONES DAY 252

4 4 SKADDEN ARPS SLATE MEAGHER & FLOM 236

5 5 WEIL GOTSHAL & MANGES 155

6 7 PAUL WEISS RIFKIND WHARTON & GARRISON 153

7 6 DAVIS POLK & WARDWELL 141

8 17 BLAKE CASSELS & GRAYDON 121

9 12 SULLIVAN & CROMWELL 118

10 14 SIMPSON THACHER & BARTLETT 113

11 15 VINSON & ELKINS 106

12 10 MCCARTHY TETRAULT 104

13 11 GIBSON DUNN & CRUTCHER 102


15 16 GOODWIN 95

16 9 DLA PIPER 88

17 13 SHEARMAN & STERLING 84

18 8 STIKEMAN ELLIOTT 81

19 19 MORRISON & FOERSTER 73

20 24 COOLEY 72



North America


Current rank Previous rank Legal adviser Value ($m)

1 4 SKADDEN ARPS SLATE MEAGHER & FLOM 281,554






7 6 WACHTELL LIPTON ROSEN & KATZ 187,651

8 8 PAUL WEISS RIFKIND WHARTON & GARRISON 153,338


10 - BLAKE CASSELS & GRAYDON 110,019

11 16 CLEARY GOTTLIEB STEEN & HAMILTON 104,599


13 - MCDERMOTT WILL & EMERY 68,847

14 5 CRAVATH SWAINE & MOORE 68,773

15 - FRIED FRANK HARRIS SHRIVER & JACOBSON 67,888

16 - DECHERT 67,648

17 21 DEBEVOISE & PLIMPTON 53,829

18 14 GIBSON DUNN & CRUTCHER 51,655

19 - DAVIES WARD PHILLIPS & VINEBERG 48,447

20 - VINSON & ELKINS 45,678


North America




2 2 JP MORGAN 214


4 3 BANK OF AMERICA MERRILL LYNCH 162

5 5 CITIGROUP 161

6 8 STIFEL/KBW 158

7 6 CREDIT SUISSE 139

8 17 BARCLAYS 130

9 24 BDO 129

10 7 RBC CAPITAL MARKETS 128

11 9 JEFFERIES 121

12 11 ROBERT W BAIRD & CO 97

13 19 RAYMOND JAMES & ASSOCIATES 92

14 20 CANACCORD GENUITY 89

15 10 WELLS FARGO SECURITIES 86

16 18 WILLIAM BLAIR & CO 86

17 12 EVERCORE 82

18 14 LAZARD 82

19 16 DEUTSCHE BANK 80

20 15 MOELIS & CO 79



North America


Current rank Previous rank Financial adviser Value ($m)


2 4 JP MORGAN 386,715




6 14 BARCLAYS 210,594

7 22 MOELIS & CO 201,799


9 8 EVERCORE 166,572

10 7 LAZARD 158,091


12 9 CENTERVIEW PARTNERS 115,506

13 21 JEFFERIES 63,112

14 16 RBC CAPITAL MARKETS 62,079


16 11 PERELLA WEINBERG PARTNERS 40,951

17 19 WELLS FARGO SECURITIES 40,135

18 - TD SECURITIES 37,768

19 18 GUGGENHEIM SECURITIES 36,631

20 17 UBS 33,641


Seattle • USA


Asia-Pacific M&A activity slowed in 2017, with both the volume and value of deals down significantly on the previous year’s figures. Experian recorded a total of 6,953 deals in 2017, a decline of around 12% on the 7,929 transactions announced in 2016 and the lowest annual total for the region over our ten-year review period. The slowdown was evident across all value segments, but most evident at the higher end of the market; smaller, sub $10m deals fared best with an 8% fall and mid-market transactions were down 13%, but large deals saw volumes down 33% year on year and there was a 20% drop in the number of $1bn plus ‘mega’ deals emanating from the region, as the pattern of high value outward M&A from Chinese firms - such a marked feature of the global M&A landscape over the last few years – was conspicuous by its absence amid heightened regulatory attention.

Meanwhile, the total value of Asia-Pacific deals was down 16% to $793bn, having hovered around the $1tn mark for 2016 and 2015, although still in advance of the region’s annual average since 2008. As ever, it was a mixed picture across the region, with pockets of growth in some areas set against substantial declines in others. Despite brisk activity in the domestic space, a cooling of foreign investment in China meant that deal volume was down by 30%. This allowed Australia, despite its own 6% decline in volume, to leapfrog China and regain its status as Asia-Pacific’s busiest M&A market for the first time since 2014. New Zealand, where deals were up 16.5% in comparison with 2016’s return, Singapore (a 4% increase) and India (2%) all saw transaction volumes increase year on year. India enjoyed a 29% upturn in the total value of its deals, while there was also decent value growth in Singapore and Hong Kong.

The year’s biggest potential deal involved Singapore’s Broadcom, which made a $130bn offer to buy US chipmaking rival Qualcomm in November; the offer has proved controversial, with Qualcomm’s management citing regulatory concerns as a barrier to completion, and Broadcom has subsequently upped its offer to $146bn. Negotiations look set to rumble on well into 2018; should it complete, the deal will rank as the largest ever acquisition in the tech space. Elsewhere, there were several high-value transactions in the real estate sector – one of only two industries to see value increase in 2017. These included French property group Unibail-Rodamco’s

$24.7bn takeover of Australian shopping centre firm Westfield, Nesta Investment Holdings’ $12.7bn offer for Global Logistic Properties of Singapore, an owner, manager and lessor of logistics facilities in China, Japan and Brazil and acquisitive Chinese conglomerate Dalian Wanda Group’s $10bn sale of a portfolio of hotels, lands and projects to Sunac China and its partners – one of China’s biggest ever property deals.

Indian law firm AZB & Partners was Asia-Pacific’s most active law firm in 2017 by deal volume, working on 139 transactions in total. Alongside a variety of domestic M&A transactions, AZB bagged a role for Singapore investment firm Equis on the $5bn sale of its wind and solar renewable energy portfolio to a consortium of investors, and for prolific Japanese group Softbank in its $2.5bn investment into online retailer flipkart, one of the biggest ever private investments into an Indian firm. DLA Piper (89 deals) and Skadden Arps Meagher & Flom (60) made up the top three. Meanwhile US firms Latham & Watkins ($141bn worth of deals), Paul Weiss Rifkind Wharton & Garrison ($141bn) and Skadden Arps ($109bn) dominated the value table. EY was involved in 83 Asia Pacific deals to head the financial adviser volume table, retaining its 2016 status, followed by BDO (71 transactions) and Morgan Stanley (68). Morgan Stanley was top of the value table for a successive year, working on deals with a total value of $201bn – the only firm to break the $200bn barrier in 2017.

Asia Pacific – M&A analysis

Asia Pacific deals2008 - 2017

Number of Deals Value (US$M)

0

2000

4000

6000

8000

10000

12000

14000

0

200000

400000

600000

800000

1000000

1200000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


Asia Pacific

Date Consideration (US$m)


10/11/2017 130,000 Acquisition Qualcomm Inc, USA Broadcom Ltd, Singapore

06/11/2017 24,700 Acquisition Westfield Corporation Ltd, Australia

Unibail-Rodamco SE, France

20/09/2017 18,000 IBO Toshiba Memory Corp, Japan

Consortium of Investors

13/03/2017 12,700 IBO Global Logistic Properties Ltd (GLP), Singapore

Nesta Investment Holdings LP

14/07/2017 10,300 Acquisition Hotels, Land and Projects, China

Sunac China Holdings Ltd, China

10/07/2017 9,000 Minority Stake Rosneft Oil Company OAO, Russia

China CEFC Energy Co Ltd, China

08/09/2017 8,000 Minority Stake ARM Holdings Plc (from Softbank, Japan)

Vision Fund

11/03/2017 7,000 Acquisition Orient Overseas (International) Ltd, Hong Kong

COSCO SHIPPING Holdings Co Ltd, China

09/10/2017 6,400 IBO Belle International Holdings Ltd, hong Kong

Muse Holdings-B Inc, Cayman Islands

09/06/2017 6,225 Minority Stake China Vanke Co Ltd, China Shenzhen Metro Group Co Ltd, China

Top ten Asia Pacific deals2017

Asia Pacific deal volume by value segment2008 - 2017


0

500

1000

1500

2000

2500

3000

3500

4000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

203141

105266

67

1,888

1,419824

697

591

329

Asia Pacific transaction volume by country2017

l Australia

l China

l Japan

l South Korea

l India

l Singapore

l Hong Kong

l New Zealand

l Malaysia

l Thailand

l Other


Asia Pacific

Asia Pacific M&A by country2017



Australia 1,888 2,014 108,856 595,526 -6.26% -81.72%

China 1,419 2,039 264,437 131,680 -30.41% 100.82%

Japan 824 1,068 110,591 167,917 -22.85% -34.14%

India 697 681 78,311 60,733 2.35% 28.94%

Korea (the Republic of) 591 857 42,330 76,145 -31.04% -44.41%

Singapore 329 317 204,064 45,153 3.79% 351.94%

Hong Kong 203 288 42,828 36,933 -29.51% 15.96%

New Zealand 141 121 2,838 5,886 16.53% -51.78%

Malaysia 105 126 7,878 9,382 -16.67% -16.03%

Thailand 67 106 3,808 15,389 -36.79% -75.26%

Asia Pacific deals by industry2017



Manufacturing 2,775 3,777 516,292 606,193 -26.53% -14.83%

Wholesale and retail 1,907 2,735 266,736 456001 -30.27% -41.51%

Infocomms 1,800 1,932 198,363 252,453 -6.83% -21.43%

Professional services 1,449 1,810 111,837 227,497 -19.94% -50.84%

Financial services 1,260 1,727 415,475 325,698 -27.04% 27.56%

Resources 864 1,063 73,426 91,507 -18.72% -19.76%

Construction 601 824 160,460 172,951 -27.06% -7.22%

Real estate 477 656 136,508 135,394 -27.29% 0.82%

Support services 469 572 39,861 92,869 -18.01% -57.08%

Transport 342 432 132,144 158,860 -20.83% -16.82%


Asia Pacific



1 2 AZB & PARTNERS 139

2 3 DLA PIPER 89


4 - CYRIL AMARCHAND MANGALDAS 60

5 1 HERBERT SMITH FREEHILLS 54

6 5 MINTER ELLISON 52

7 10 JONES DAY 48



10 14 STEINEPREIS PAGANIN 40

11 - SQUIRE PATTON BOGGS 39


13 24 SHARDUL AMARCHAND MANGALDAS 34

14 4 KING & WOOD MALLESONS 34

15 11 KHAITAN & CO 34

16 18 DAVIS POLK & WARDWELL 32

17 22 KIRKLAND & ELLIS 30

18 15 ASHURST 29

19 19 SIMPSON THACHER & BARTLETT 28

20 - SULLIVAN & CROMWELL 27



Asia Pacific


Current rank Previous rank Legal adviser Value ($m)


2 - PAUL WEISS RIFKIND WHARTON & GARRISON 140,991


4 6 MORRISON & FOERSTER 79,578




8 12 AZB & PARTNERS 45,899


10 8 KING & WOOD MALLESONS 36,856

11 21 ALLEN & OVERY 36,203

12 - DEBEVOISE & PLIMPTON 34,982

13 22 ALLENS 31,621


15 - JONES DAY 24,249


17 2 HERBERT SMITH FREEHILLS 21,679



20 - CYRIL AMARCHAND MANGALDAS 16,378


Asia Pacific



1 1 EY 83

2 6 BDO 71


4 11 BELL POTTER SECURITIES 51

5 3 CREDIT SUISSE 48

6 5 PWC 47

7 13 PATERSONS SECURITIES 43

8 10 UBS 42

9 7 CITIGROUP 41

10 8 SMBC NIKKO SECURITIES 39


12 4 KPMG 35


14 - CANACCORD GENUITY 32

15 19 MOELIS & CO 31

16 24 MORGANS CORPORATE 31


18 22 NOMURA INTERNATIONAL 30

19 9 SBI SECURITIES 30

20 18 JP MORGAN CHASE & CO 26



Asia Pacific


Current rank Previous rank Financial adviser Value ($m)





5 - MOELIS & CO 126,595



8 5 UBS 47,962



11 16 MITSUBISHI UFJ MORGAN STANLEY SECURITIES 29,002

12 13 EY 26,402

13 9 LAZARD 17,459

14 6 HSBC 12,064

15 8 CHINA INTERNATIONAL CAPITAL 11,273

16 - AXIS CAPITAL 9,343

17 17 KPMG 8,435

18 23 CHINA MERCHANTS SECURITIES 7,827

19 - SBI CAPITAL MARKETS 7,694

20 - NH INVESTMENT & SECURITIES 7,568


Tokyo • Japan


United Kingdom



Current rank Previous rank Legal adviser Value (£m)


2 11 ASHURST 28,992



5 10 SLAUGHTER AND MAY 18,856


7 - SULLIVAN & CROMWELL 17,966



10 - ARTHUR COX 13,979



1 3 GATELEY 200

2 2 DLA PIPER 176

3 9 CMS 172

4 1 SHOOSMITHS 168



7 10 DWF 102

8 4 IRWIN MITCHELL 99

9 7 PINSENT MASONS 97

10 12 ADDLESHAW GODDARD 96




1 5 GRANT THORNTON 165

2 3 RSM 145

3 1 BDO 128


5 8 CENKOS SECURITIES 108

6 10 KBS CORPORATE 87

7 6 EY 86

8 15 HAZLEWOODS 86

9 9 PWC 81

10 21 PEEL HUNT 77

United Kingdom


Current rank Previous rank Financial adviser Value (£m)





5 8 JP MORGAN 30,287



8 4 UBS 25,558

9 13 HSBC 20,148

10 2 LAZARD 17,325


Republic of Ireland

Legal adviser rankings


1 1 A & L GOODBODY 67

2 4 ARTHUR COX 50

3 2 WILLIAM FRY 37

4 8 FLYNN O'DRISCOLL 36

5 6 MCCANN FITZGERALD 24


7 3 MATHESON 21

8 7 MASON HAYES & CURRAN 9

9 12 BYRNEWALLACE 7

9 - TUGHANS 7


1 8 ARTHUR COX 11,446


3 7 A & L GOODBODY 7,876

4 10 MCCANN FITZGERALD 7,503

5 - BAKER & MCKENZIE 5,576

6 - JONES DAY 5,416

7 - DAVIES WARD PHILLIPS & VINEBERG 5,400


7 - FRIED FRANK HARRIS SHRIVER & JACOBSON 5,400

10 13 DEBEVOISE & PLIMPTON 4,513



Republic of Ireland

Financial adviser rankings


1 1 DAVY 14

2 8 KPMG 10

3 - GRANT THORNTON 8

4 2 BDO 7

5 3 EY 6

6 - PWC 6

7 19 GOODBODY 5


9 - BANK OF AMERICA MERRILL LYNCH 3

10 12 STIFEL/KBW 3


1 3 JP MORGAN 8,298


3 - PERELLA WEINBERG PARTNERS 5,400

3 - PIPER JAFFRAY 5,400

5 5 KPMG 2,413

6 - CITIBANK 2,297

6 - JP MORGAN 2,297

6 - WELLS FARGO 2,297

10 10 LAZARD 2,238

10 - LIONTREE ADVISORS 2,238



Benelux



1 1 CMS 40

2 2 DLA PIPER 33

3 3 HOUTHOFF BURUMA 28

4 4 JONES DAY 23



7 13 AKD 18

8 9 ALLEN & OVERY 17

9 17 DENTONS 16

10 18 LOYENS & LOEFF 15




3 6 JONES DAY 32,275

4 - CMS 28,908



7 - BREDIN PRAT 25,582

8 - BONELLI EREDE PAPPALARDO 25,582

9 - MORRISON & FOERSTER 16,643

10 21 HOUTHOFF BURUMA 15,449



Benelux



1 1 BDO 91

2 2 EY 54


4 6 LAZARD 21

5 4 RABOBANK INTERNATIONAL 20

6 5 PWC 20


8 10 ING 17






3 - MEDIOBANCA 25,582




7 - RAYMOND JAMES & ASSOCIATES 14,197



10 9 LAZARD 5,167



Germany



1 1 CMS 94

2 5 HEUKING KUHN LUER WOJTEK 51


4 4 DLA PIPER 32

5 6 HENGELER MUELLER 29


7 15 ASHURST 28

8 11 P+P POELLATH + PARTNERS 28

9 14 GLEISS LUTZ 25

10 9 OSBORNE CLARKE 24




3 13 HENGELER MUELLER 22,313


5 - URIA & MENENDEZ 18,932


7 - KIRKLAND & ELLIS 11,336

8 16 DLA PIPER 10,551

9 - DAVIS POLK & WARDWELL 10,421




Germany



1 1 EY 58

2 6 BDO 38

3 3 PWC 19

4 18 GCA ALTIUM 18





9 4 KPMG 10

10 10 CITIGROUP 9





4 - AZ CAPITAL 18,932




8 5 EY 12,160

9 - UNICREDIT 7,888




Switzerland



1 2 BAER & KARRER 30

2 7 CMS 26

3 1 HOMBURGER 23

4 5 WALDER WYSS & PARTNERS 18

5 3 LENZ & STAEHELIN 12



8 - SKADDEN ARPS SLATE MEAGHER & FLOM 7

9 16 VISCHER 7

10 - GLEISS LUTZ 6


1 2 BAER & KARRER 10,195

2 1 HOMBURGER 8,141



5 - WEIL GOTSHAL & MANGES 3,544


7 5 SLAUGHTER AND MAY 3,030


8 - WIKBORG REIN & CO 2,930




Switzerland



1 2 BDO 29

2 1 EY 12

3 4 CREDIT SUISSE 9

4 3 PWC 8


6 23 UBS 6


8 10 GCA ALTIUM 5

9 12 ALANTRA 5

10 13 LINCOLN INTERNATIONAL 4




3 16 JEFFERIES 3,463

4 - CLARKSONS PLATOU SECURITIES 2,930


6 6 JP MORGAN 2,592

7 8 DYAL CO 2,195

8 - BAADER BANK 1,806

9 - BANK VONTOBEL 1,751

9 23 BANK AM BELLEVUE 1,751

9 - ZURCHER KANTONALBANK 1,751



France



1 3 GIDE LOYRETTE NOUEL 59

2 1 JONES DAY 50

3 2 CMS 33


5 6 DLA PIPER 24





10 8 DENTONS 20


1 16 JONES DAY 39,711

2 21 BREDIN PRAT 35,534

3 1 DARROIS VILLEY MAILLOT BROCHIER 32,153

4 - SHEARMAN & STERLING 30,929



7 - CMS 26,656






France




2 2 LAZARD 31

3 12 BDO 31

4 4 EY 29

5 3 SOCIETE GENERALE 21

6 9 BNP PARIBAS 16

7 21 CITIGROUP 15

8 - MORGAN STANLEY & CO 15

9 8 PWC 15

10 6 DELOITTE 14





4 - MORGAN STANLEY & CO 30,502


6 12 DEUTSCHE BANK AG 24,854

7 - JEFFERIES 24,733

8 19 UBS 22,804


10 3 LAZARD 19,363



Italy

1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.



1 1 CHIOMENTI STUDIO LEGALE 37

2 13 DENTONS 13

3 5 CMS 12

4 2 GATTAI MINOLI AGOSTINELLI & PARTNERS 12

5 4 JONES DAY 11

6 3 DLA PIPER 11

7 7 GIANNI ORIGONI GRIPPO CAPPELLI & PARTNERS 9


9 - GIOVANNELLI E ASSOCIATI 8

10 18 LINKLATERS 7


1 1 CHIOMENTI STUDIO LEGALE 28,775

2 - JONES DAY 28,672


4 - CMS 25,682

5 13 BONELLI EREDE PAPPALARDO 25,665

6 - BREDIN PRAT 25,582


8 25 DLA PIPER 17,073

9 15 GIANNI ORIGONI GRIPPO CAPPELLI & PARTNERS 16,057



Italy

1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.



1 2 EY 31

2 4 PWC 16

3 5 LAZARD 14


5 23 BDO 8

6 18 MEDIOBANCA 7

7 1 KPMG 7

8 - BNP PARIBAS 6

9 - ALANTRA 6

10 - GRANT THORNTON 6


1 19 MEDIOBANCA 56,794






7 9 PWC 16,334

8 7 UNICREDIT SPA 16,323

9 15 BANCA IMI (INTESA SANPAOLO) 15,915



Iberia



1 1 CUATRECASAS GONCALVES PEREIRA 72

2 3 DELOITTE 32

3 8 GOMEZ ACEBO & POMBO 19

4 5 CMS 17


6 7 DLA PIPER 12


8 15 URIA & MENENDEZ 7




1 - SULLIVAN & CROMWELL 35,699



4 25 URIA & MENENDEZ 20,269

5 2 DLA PIPER 17,408

6 - GIANNI ORIGONI GRIPPO CAPPELLI & PARTNERS 15,808


8 - SIMPSON THACHER & BARTLETT 4,689

9 1 DELOITTE 3,243

10 54 SQUIRE PATTON BOGGS 3,212



Iberia



1 1 PWC 72

2 2 DELOITTE 66

3 3 EY 59

4 5 BDO 20

5 12 CITIGROUP 14



8 8 LAZARD 8


10 4 KPMG 7








7 2 PWC 19,099

8 - AZ CAPITAL 18,932

9 - BANCA IMI (INTESA SANPAOLO) 15,808

9 - UNICREDIT SPA 15,808



Eastern Europe



1 5 COBALT LEGAL 12

2 1 SORAINEN 8

3 3 DLA PIPER 8

4 4 DENTONS 6


6 - HANNES SNELLMAN 3


8 - SQUIRE PATTON BOGGS 3

9 - WHITE & CASE 2

10 21 CMS 2


1 14 WHITE & CASE 2,170


2 - OGIER 1,277

4 20 HOUTHOFF BURUMA 893


6 - SORAINEN 342

7 - DLA PIPER 295


9 - CMS 282

10 - GREENBERG TRAURIG GRZESIAK 282



Eastern Europe



1 25 PWC 6

2 - MORGAN STANLEY 4


4 4 BDO 4

5 - VTB CAPITAL 3

6 - CREDIT SUISSE 3


8 1 KPMG 3

9 - LHV PANK 3

10 - BANK OF AMERICA MERRILL LYNCH 2


1 - VTB CAPITAL 2,072

2 - BANK OF AMERICA MERRILL LYNCH 1,915

3 - CREDIT SUISSE 1,721

4 - UBS 1,564

5 - MORGAN STANLEY 1,443

6 - ATON CAPITAL 1,277

6 - BMO CAPITAL MARKETS 1,277

6 - BANK GPB INTERNATIONAL 1,277

6 - CITIGROUP 1,277

6 - JP MORGAN 1,277

6 - SIB (CYPRUS) 1,277

6 - SOCIETE GENERALE 1,277



Central Europe



1 1 SCHOENHERR RECHTSANWAELTE 46

2 3 CMS 31

3 2 DENTONS 28


5 - KINSTELLAR 9

6 5 DLA PIPER 8

7 12 WHITE & CASE 5

8 7 HOGAN LOVELLS 5

9 9 CERHA HEMPEL SPIEGELFELD HLAWATI 5



1 5 DENTONS 3,533

2 - SKADDEN ARPS SLATE MEAGHER & FLOM LLP 3,052

3 - WILLKIE FARR & GALLAGHER 3,003

4 - CMS 2,794

5 14 WHITE & CASE 1,949

6 7 SCHOENHERR RECHTSANWAELTE 1,143


7 - CAHILL GORDON & REINDEL 1,134

7 - KEATING MUETHING & KLEKAMP 1,134

7 - SULLIVAN & CROMWELL LLP 1,134


Central Europe



1 5 PWC 16

2 3 BDO 12

3 1 EY 10


5 15 DELOITTE 5

5 2 KPMG 5

7 - ERSTE GROUP BANK 4

8 10 CLAIRFIELD INTERNATIONAL 4

9 - WOOD & CO 3

10 9 JLL 3

8 - ALANTRA 2

8 - GCA ALTIUM 2





4 - ERSTE GROUP BANK 929

5 1 DEUTSCHE BANK 818

6 3 EY 575

7 23 PWC 532

8 - WOOD & CO 379

8 - ODDZIAL W POLSCE 379

8 -PKO BANK POLSKI - POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA

379



South East Europe



1 2 SCHOENHERR RECHTSANWAELTE 23

2 6 DLA PIPER 9





7 3 BALCIOGLU SELCUK AKMAN KEKI 4

8 - BERNITSAS LAW 3

9 - ARTHUR COX 3

10 1 CMS 3



1 - HOMBURGER 2,930

1 - KING & SPALDING 2,930


5 - FRESHFIELDS BRUCKHAUS DERINGER 1,313

6 2 SCHOENHERR RECHTSANWAELTE 1,152

7 - BERNITSAS LAW 800

8 12 DENTONS 788

9 - AS PAPADIMITRIOU & PARTNERS LAW FIRM 720

9 - NORTON ROSE FULBRIGHT 720




South East Europe



1 1 EY 13


3 - UBS 4

4 - SHORE CAPITAL 4

5 2 PWC 4


7 5 GOLDMAN SACHS 3

8 - VTB CAPITAL 3

9 3 KPMG 3

10 - BDO 3




3 - ROTHSCHILD & CO 1,494

4 3 EY 1,246

5 - BANK OF AMERICA MERRILL LYNCH 1,081


7 - VTB CAPITAL 1,017

8 - UBS 907

9 - CREDIT SUISSE 750

10 - LXM FINANCE 720



Nordic



1 2 KROMANN REUMERT 42

2 11 GORRISSEN FEDERSPIEL 38

3 4 HANNES SNELLMAN 31

4 20 WIKBORG REIN & CO 28

5 12 DELPHI ADVOKATFIRMAN 25

6 8 CASTREN & SNELLMAN 23

7 19 ACCURA 21

8 6 SETTERWALLS 19

9 15 DLA PIPER 17

10 10 AVANCE ASIANAJOTOIMISTO 15


1 14 GORRISSEN FEDERSPIEL 17,183


3 9 KROMANN REUMERT 9,390




7 - BECH-BRUUN 6,847


9 - WEIL GOTSHAL & MANGES 6,395

10 - DITTMAR & INDRENIUS 6,167



Nordic



1 6 BDO 49

2 2 PWC 36

3 3 EY 33

4 - SKANDINAVISKA ENSKILDA BANKEN 23

5 1 CARNEGIE INVESTMENT BANK 21

6 5 NORDEA CORPORATE FINANCE 20

7 8 DNB MARKETS 16

8 7 ABG SUNDAL COLLIER NORGE 16

9 9 KPMG 16

10 10 ARCTIC SECURITIES 14



2 4 NORDEA CORPORATE FINANCE 11,266


4 9 LAZARD 5,510


6 - MHS CORPORATE FINANCE 4,464

7 21 SKANDINAVISKA ENSKILDA BANKEN 4,003

8 16 EY 3,869





Appendix

• Experian’s 2017 International League Tables are compiled using data from Experian MarketIQ, which reveals new layers of market insight by combining Corpfin's global M&A database with comprehensive Companies House data and our market leading business, financial and risk databases – all on a single platform.

• These tables are based on mergers & acquisitions (M&A) and equity capital market (ECM) transactions announced between the dates of January 1st, 2017 and December 31st, 2017. Previous rankings are based on information held on MarketIQ at the date on which the report was compiled.

• The minimum deal value for inclusion is £500,000, unless otherwise stated. Value figures are based on disclosed considerations.

• Small Transactions are deals with a consideration of between £500,000 and £10m. Mid-market are £10m to £100m. Large deals are £100m to £1bn, and Mega-deals are £1bn and above.

• Deals are attributed to regions based on the address of target or bidder companies as registered at their national companies register Should a company’s principal place of business differ from its registered location, we will also attribute the deal to the region of its principal trading address.

• We do not track the acquisition of: brands, assets or titles where no associated infrastructure is exchanged; land, oil and gas fields; individual assets (such as aeroplanes and oil rigs); undeveloped mines; distribution rights; mining licences; property that is currently under construction; shareholdings in private finance initiative (PFI) projects; credit card or loan portfolios. Other exclusions include the issue of bonds or notes, except as part of another transaction e.g. in order to raise funds to effect an acquisition, joint ventures where no new entity is created, e.g. production sharing contracts, and inter-company loans.

• Figures are based on a Sterling / Euro exchange rate of 1.14 and a Sterling / Dollar rate of 1.42.

• League Tables are based on the volume and value of legal or financial advisory services provided to the target, bidder, vendor, debt or equity provider, shareholders, directors, management or other parties to a deal. League Tables exclude rumoured, cancelled, withdrawn or lapsed deals. Where advisory firms have advised on the same volume of deals, the aggregate value of transactions is used to determine their rank.

• This publication was compiled on February 1st, 2018. Experian believes that the information it provides was obtained from reliable sources, but does not guarantee its accuracy. Due to the fact that our records are updated daily, transaction data and League Table rankings may vary between publications.

For further information on the Experian league tables, inclusion criteria, deal submissions or quarterly updates, please contact:

Jane Turner, Research Manager Tel: +44 161 288 4920 • Email: [email protected]


Deal Proforma

Name of firm supplying information Client name

Companies Name Location Type of business

Target

Bidder

Date Announced DD / MM / YYYY Consideration (millions)

Date Completed DD / MM / YYYY

Deal Description Consideration satisfied by

Company Share Issue High Street Bank

Existing Resources Merchant Bank

Mezzanine Finance Vendor Placing

Other Companies Venture Capital

Type of deal

Acquisition Exit Management Buy-out Receivership Restructuring

Demerger Flotation Management Buy-in/Buy-out Reverse Takeover

Development Capital Investor Buy-in Merger Rights/Other issue

Disposal Investor Buy-out Minority Stake Secondary Buy-out

Employee Buy-in Leveraged Buy-out Public to Private Share Buy-back

Employee Buy-out Management Buy-in Reconstruction Start-up

Advisors: please supply all advisors, noting for whom they acted and in what capacity

Advisor + office Team (individuals) Client Role

Funding: please supply all investors

Investor + office Debt/equity Team (individuals) Client


About Experian MarketIQ

How can we help you?

Experian MarketIQ reveals new layers of market insight by combining Corpfin’s global M&A database with comprehensive Companies House data and our market leading business, financial and risk databases – all on a single platform. This enables you to be even better informed, even more confident in your decisions, and ready to make the most of all opportunities the moment they arise.

Experian MarketIQ provides the broadest and deepest source of corporate, deal, company, financial and business information on a single, accessible and easy-to-use platform. It helps to keep you one step ahead of your competitors and so make the most of more opportunities.

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© Experian 2018.

Experian Ltd is authorised and regulated by the Financial Conduct Authority. Experian Ltd is registered in England and Wales under company registration number 653331.

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international m&a review - experian · 25/04/2017 12,100 acquisition christian dior se, france...

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